Crazy Rick
Expert
- 92
How do we LTC consultants deal with clients in their late 70’s who want to buy a LTC plan with no visible means to pay for it?
I see classic examples every day. In magazines and on television: they all say the same thing. "My folks need long term care, but they’re both in their 70’s. How do they pay for it?" Some families can tap into retirement or pension or an annuity. But what about the folks, and there are a lot of them, who don’t have any means to pay for a plan? Family? Friends? Ok, what else?
One elderly woman sold her Life insurance policy to pay for her long term care policy. I don’t think the older prospects are thinking, "It’s too expensive". I think what they’re asking themselves is "How am I going to pay for this?"
And no, Genworth’s TLC plan isn’t available in Pa. There aren’t many creative financing tools available, but I’m hoping someone here has an answer besides the ones I’ve mentioned. My own gradmother obtained a reverse mortgage. I guess that's another way. What else?
The simple answer may be to cut off my demographic at 69 (hey, that's my favorite number!). But that would kill the prospects over 69 that DO have the financial means to pay. Follow?
-CR
I see classic examples every day. In magazines and on television: they all say the same thing. "My folks need long term care, but they’re both in their 70’s. How do they pay for it?" Some families can tap into retirement or pension or an annuity. But what about the folks, and there are a lot of them, who don’t have any means to pay for a plan? Family? Friends? Ok, what else?
One elderly woman sold her Life insurance policy to pay for her long term care policy. I don’t think the older prospects are thinking, "It’s too expensive". I think what they’re asking themselves is "How am I going to pay for this?"
And no, Genworth’s TLC plan isn’t available in Pa. There aren’t many creative financing tools available, but I’m hoping someone here has an answer besides the ones I’ve mentioned. My own gradmother obtained a reverse mortgage. I guess that's another way. What else?
The simple answer may be to cut off my demographic at 69 (hey, that's my favorite number!). But that would kill the prospects over 69 that DO have the financial means to pay. Follow?
-CR